Crypto Daily: New Bitcoin Price Growth Closed To Its High of 2019
The Bitcoin price has once again, presented a surprise and continued to rise. This time, growing by 5% per day, reaching $13,864 on the Binance exchange. Thus, over the past 7 days, Bitcoin has grown by almost $2,000 or 12%. As a result, we saw a 25% increase in intraday trading volume to $36 billion.
Let’s take a look at the Bitcoin chart on a 4-hour timeframe:
In the consolidation zone of $12,800 — $13,200, there is no predominance of sales over purchases. This means that the big players in this place did not sell their positions. But starting from October 26th, there are clear preconditions for pushing the price upwards (increase purchase volume), which happened 2 days later. It is possible that in this range a major player was only gaining a position. In this case, further leaps are also logical.
If you look closely at the watch, another support has formed in the $12,800 zone. With any attempts by sellers to lower the price lower, buyers activated and defended this level, returning the price up.
In addition, the chart forms an arched shape of the rise itself. This suggests that the price is approaching a new resistance zone, where the largest number of stop-losses are located at the current moment. This is the range of $14,000 — $14,200.
Considering the strength with which the chart goes up, breaking through all resistance zones, it seems that buyers will take this level as well. They didn’t manage to do it on the fly, but in the coming days we will see new attempts. Once they do that, the Bitcoin price will instantly rise to $14,700 — $15,000.
After the schedule crosses the psychological maximum of the last year, the usual FOMO syndrome may begin. This will provoke many participants to enter purchases and can unexpectedly affect the price. However, now it is a bit too early to talk about it, and it is necessary to wait for a new rise.
The rest of the market sluggishly followed by Bitcoin. Altcoins showed insignificant growth in relation to the dollar, but fell by tens of percent in relation to Bitcoin. If you are holding altcoins, then we advise you to get rid of them for a certain period of time, after which you can buy the same coins for a cheaper price.
Not a single coin on the market currently has its own pronounced schedule. Almost all of them completely copy Bitcoin. Even Ethereum, with its many fundamental prerequisites, cannot cope with the influence of the first cryptocurrency.
